David Bernotas has stepped down from his position as president and CEO of Marlborough-based 1-800 East West Mortgage Co., company representatives confirmed to Banker & Tradesman today.

After first stepping into the role in 2005, Bernotas led a takeover bid of the company in 2010, attempting to purchase it from parent Commerce Bank & Trust Co. However, the deal was never finalized.  

Asked why he decided to leave, Bernotas said "I wanted to pursue some new challenges. When I was brought into a company, it was primarily to solve the regulatory problems and get the company back on track. It took us a while, but I did that, and after seven years decided that I wanted to pursue some other ventures."  

Bernotas said he had no immediate plans but would be taking some time to consider his next move. An online LinkedIn profile lists his current position as a consultant with DRB Associates – a company name seemingly based on Bernotas’ initials.

Bernotas began his career in the mortgage industry 30 years ago, founding Farragut Mortgage Co. in South Boston, and served as senior vice president at Colombia National before being brought in to help revitalize a then-troubled East West. East West had been fined by federal regulators, who accused the company of participating in a kickback scheme between 2002-2005. East West settled those claims, paying a fine of $150,000.

Last year, the company originated $222 million in mortgage loans in Massachusetts, according to mortgage market share data obtained from the Warren Group, publisher of Banker & Tradesman. East West is licensed in Massachusetts, New Hampshire, Connecticut and Rhode Island.

Jim Bellevue has been appointed interim president of East West, sources said. Bellevue did not return calls seeking comment.

Editor’s Note: This article has been revised and corrected to reflect the fact that the purchase of East West from Commerce was never completed.